The Company declared a quarterly cash dividend of $0.17 per share of common stock and $0.16 per share of common stock for the first quarter of 2026 and 2025, respectively.

The following table provides a reconciliation of net income and the number of shares of common stock used in the computations of “basic” earnings per share (“EPS”), which utilizes the weighted-average number of shares of common stock outstanding without regard to potentially dilutive shares of common stock, and “diluted” EPS, which includes all such shares (in thousands, except per share amounts).


	For the Three Months Ended March 31,
	2026			2025
Numerators – Basic and Diluted
Net income	$	3,568		$	10,562
Income attributable to non-controlling interests		(5	)		(12	)
Earnings attributable to unvested shares		(97	)		(134	)
Net income attributable to common stockholders after allocation to participating securities	$	3,466		$	10,416

Denominators – Number of Shares
Basic – Average shares outstanding		105,085			104,912
Assumed conversion of dilutive securities - PRSAs and PB LTIPs		454			225
Assumed conversion of dilutive securities - Forward equity		845			—
Diluted – Average shares outstanding		106,384			105,137

Earnings Per Share:
Basic	$	0.03		$	0.10
Diluted	$	0.03		$	0.10

Basic average shares outstanding do not include RSUs totaling 0.5 million and RSAs totaling 0.1 million that were not vested at March 31, 2026. Basic average shares outstanding do not include RSUs totaling 0.8 million and RSAs totaling 0.1 million that were not vested at March 31, 2025. Dividends are paid on the outstanding RSUs and RSAs, which makes these shares participating securities.

PRSAs and PB LTIPs issued to certain executives were considered dilutive and are included in the computation of diluted EPS for the three month periods ended March 31, 2026 and 2025.

The agreements to offer and sell shares on a forward basis for approximately 14.5 million common shares were considered in the computation of diluted EPS for the three month period ended March 31, 2026. These agreements were not outstanding at March 31, 2025.